Dennis ChavezDennis ChavezDirectorDirector

Financial Aid and Student RecordsFinancial Aid and Student Records

Binghamton UniversityBinghamton University

Financial Aid 101Financial Aid 101

An OverviewAn Overview Grants Grants – – free money that does not have to be repaid, usually

based on “demonstrated financial need”

Loans – Loans – money that must be paid back

(yes, these are considered financial aid!) There are several federal student loans as well as a federal Parent loan. There are also private educational loans to consider separately.

Student Employment Student Employment – student earns a paycheck as they work, used to help with non-billed college expenses

Scholarships Scholarships – – free money, various criteria

What is financial aid?What is financial aid?

How do I apply? How do I apply?

An OverviewAn Overview

Student Student andand parent parent information is required. information is required.

For divorce or separation situations, the parent For divorce or separation situations, the parent with whom the student lives with must complete with whom the student lives with must complete the FAFSA the FAFSA ((plusplus step-parent or “Parent 2” living in same household, step-parent or “Parent 2” living in same household,

even if not legally marriedeven if not legally married). ).

• For joint custody situations, the parent who provides the most support For joint custody situations, the parent who provides the most support completes the FAFSA (plus step-parent or “Parent 2” as outlined above).completes the FAFSA (plus step-parent or “Parent 2” as outlined above).

The federal government believes it is ultimatelyThe federal government believes it is ultimatelyBOTH the student’s BOTH the student’s andand parent’s responsibility parent’s responsibility

to pay for college. to pay for college.

A student is only considered “Independent” for federal financial aid IF: Student was born before 1/1/92 (for the 15-16 aid year)Student was born before 1/1/92 (for the 15-16 aid year) Student is married or becomes married during academic yearStudent is married or becomes married during academic year Student is working on a Masters or Doctorate degree program Student is working on a Masters or Doctorate degree program

(college graduate-level degree)(college graduate-level degree) Student is serving in active-duty military service Student is serving in active-duty military service (must document)(must document) Student is a Veteran of the U.S. Armed Forces Student is a Veteran of the U.S. Armed Forces (must document)(must document) Student has children/dependents – must provide >50% support Student has children/dependents – must provide >50% support Student is an orphan, ward of court, or in foster care since age Student is an orphan, ward of court, or in foster care since age

of 13 of 13 (must document)(must document) Student is an Emancipated minor, as determined by a court Student is an Emancipated minor, as determined by a court

((NYS does not do thisNYS does not do this)) Student is in legal guardianship, as determined by a court Student is in legal guardianship, as determined by a court

(must document) (“legal guardian” NOT a biological/adoptive parent)(must document) (“legal guardian” NOT a biological/adoptive parent) Student is an Unaccompanied youth – homeless Student is an Unaccompanied youth – homeless (must document)(must document)

Contact each financial aid office directly Contact each financial aid office directly to find out:to find out:Free Application for Federal Student Aid (FAFSA) Free Application for Federal Student Aid (FAFSA) for federal aid.for federal aid. Is CSS Profile also needed Is CSS Profile also needed for non-federal aidfor non-federal aid??Any recommended filing deadlines for best offer?Any recommended filing deadlines for best offer?Are any other financial aid forms required in Are any other financial aid forms required in addition to FAFSA/Profile (institutional forms)?addition to FAFSA/Profile (institutional forms)?Are any specific scholarship applications required in Are any specific scholarship applications required in order to be considered for those?order to be considered for those?

Application Processes:Application Processes:*College-specific Forms**College-specific Forms*

CSS PROFILE APPLICATION CSS PROFILE APPLICATION http://student.collegeboard.org/css-financial-aid-profilehttp://student.collegeboard.org/css-financial-aid-profile

Free Application For Student Aid (FAFSA)Free Application For Student Aid (FAFSA)

Website: Website: www.fafsa.ed.govwww.fafsa.ed.gov FAFSA becomes available on January 1FAFSA becomes available on January 1stst of each year of each year

(must apply for (must apply for each academic year each academic year you want aid)you want aid) FAFSA WorksheetFAFSA Worksheet::• Made available so you can prepare information prior to Made available so you can prepare information prior to

going online.going online.• Worksheet questions follow order of online FAFSA Worksheet questions follow order of online FAFSA

processprocess• MUST file online – cannot mail worksheet!MUST file online – cannot mail worksheet!

Website: Website: www.pin.ed.gov www.pin.ed.gov or or

from the FAFSA website from the FAFSA website

One PIN for parent, and one One PIN for parent, and one for for eacheach student applying for student applying for aid.aid.

Needed to sign FAFSA Needed to sign FAFSA electronicallyelectronically..

Will be used by students and Will be used by students and parents throughout academic parents throughout academic career (to file FAFSA in career (to file FAFSA in subsequent years; signing subsequent years; signing loan documents; etc.)loan documents; etc.)

REMEMBER THESE REMEMBER THESE PINS! PINS! (keep in a safe place)(keep in a safe place)

Your first step toward federal aid:Your first step toward federal aid:

Incorrect SSN for student or parentIncorrect SSN for student or parent Incorrect date of birth for student or parentIncorrect date of birth for student or parent Incorrect spelling of names (Incorrect spelling of names (must match your Social must match your Social

Security cardSecurity card!)!) ““Legal Dependents” Legal Dependents” ““Legal Guardianship” (not parent!), “Emancipated”, or Legal Guardianship” (not parent!), “Emancipated”, or

“Homeless”“Homeless” Separated/divorced/remarried parental informationSeparated/divorced/remarried parental information Income earned by parents/stepparents (any foreign income Income earned by parents/stepparents (any foreign income

must be converted to U.S. dollars)must be converted to U.S. dollars) Income tax paid blank or same as AGIIncome tax paid blank or same as AGI Untaxed income reporting – follow directions carefully!Untaxed income reporting – follow directions carefully! Forgetting to submit BOTH pins (student’s and one parent)Forgetting to submit BOTH pins (student’s and one parent)

Most Common FAFSA Errors:Most Common FAFSA Errors:

““IRS Data Retrieval”IRS Data Retrieval” Available as early as February 2015, if you already filed your Available as early as February 2015, if you already filed your

federal tax return federal tax return two weeks priortwo weeks prior and it has been processed by and it has been processed by the IRS.the IRS.

Automatically links your FAFSA with your completed IRS tax Automatically links your FAFSA with your completed IRS tax return information on file with the IRS.return information on file with the IRS.

Unfortunately, this may not available if filing early due to early Unfortunately, this may not available if filing early due to early school deadlines, as you may not have filed your federal income school deadlines, as you may not have filed your federal income tax or it been processed yet. tax or it been processed yet. (You (You cancan go back later and do as a go back later and do as a correction….) correction….)

Participation is voluntary Participation is voluntary

Reduces documents you may have to submit to school later to Reduces documents you may have to submit to school later to verify incomeverify income

Write this down!

Notice this!!

!

Remember: also apply for NYS aid if you are a NYS resident going to a NYS school! Link provided on the FAFSA confirmation page

Or go to website: www.hesc.gov HESC PIN can be the same as your federal PIN (you set it)

Only curious about fin aid? Don’t wait! Look for this on FAFSA’s website: Only curious about fin aid? Don’t wait! Look for this on FAFSA’s website:

FAFSA information sent to all schools listed FAFSA information sent to all schools listed approximately 3 to 5 days after successfully approximately 3 to 5 days after successfully completed, completed, BUTBUT when will school begin when will school begin offering aid?offering aid?

EFC = “Expected Family Contribution” EFC = “Expected Family Contribution” (remember, this was on the FAFSA confirmation page! Did you write it down?)(remember, this was on the FAFSA confirmation page! Did you write it down?)

School reviews data:School reviews data:• May request documentation to verify the FAFSA. May request documentation to verify the FAFSA. • Financial aid award offer can change at times Financial aid award offer can change at times

based on new information. based on new information. Stay informed!Stay informed!• Most contact is to Most contact is to STUDENTSTUDENT..

How is my financial aid offer How is my financial aid offer determined?determined?

Cost of Attendance (COA) Cost of Attendance (COA) (varies from school to school)(varies from school to school)

(“direct vs. indirect” costs -or- “billable vs. non-billable”)(“direct vs. indirect” costs -or- “billable vs. non-billable”)

–– Expected Family Contribution (EFC) Expected Family Contribution (EFC) (stays the same from school to school)(stays the same from school to school)

= = “Demonstrated Financial Need” “Demonstrated Financial Need”

(What do these things mean, anyway?!?!?!)(What do these things mean, anyway?!?!?!)

Getting to the “Bottom Line” – compare Getting to the “Bottom Line” – compare applesapples to to apples apples

Financial Aid 101Financial Aid 101

These are full year amounts – you pay one semester at a time.These are full year amounts – you pay one semester at a time.

This is where you determine what other resources are available This is where you determine what other resources are available besides the financial aid offered (Savings? 529 Plan? Assistance besides the financial aid offered (Savings? 529 Plan? Assistance through your employer? Do you need to consider a parent loan? through your employer? Do you need to consider a parent loan? An alternative private loan?)An alternative private loan?)

Many schools offer some type of payment plan through their Many schools offer some type of payment plan through their Bursar’s office –inquire with the individual school as to what Bursar’s office –inquire with the individual school as to what may be available and what the terms/conditions might be.may be available and what the terms/conditions might be.

Only YOU (the student and family) can determine the best Only YOU (the student and family) can determine the best option out of all that are offered!option out of all that are offered!

DON’T PANIC!DON’T PANIC!

Get ready to file!Get ready to file! Gather your tax return and w-2s (or pay stubs), bank Gather your tax return and w-2s (or pay stubs), bank

statements, social security cards and/or alien registration statements, social security cards and/or alien registration cards. You will need asset & investment statements as well if cards. You will need asset & investment statements as well if filing a CSS Profile application.filing a CSS Profile application.

Make sure you have CORRECT social security numbers, Make sure you have CORRECT social security numbers, AR#’s, names, and birth dates (for both parents AR#’s, names, and birth dates (for both parents andand student) student) and enter each of them in the CORRECT spot on the and enter each of them in the CORRECT spot on the application! (the ‘student’ is not ‘the parent’!)application! (the ‘student’ is not ‘the parent’!)

RELAX! The web applications are specifically designed to RELAX! The web applications are specifically designed to help you complete the applications accurately. If needed, you help you complete the applications accurately. If needed, you can “save” and finish later - if you need clarification or can “save” and finish later - if you need clarification or simply just need to take a break. simply just need to take a break.

Double-check your answers Double-check your answers beforebefore submitting! submitting!

Know each school’s recommended Financial aid application Know each school’s recommended Financial aid application deadline and process for their best offer of aid.deadline and process for their best offer of aid.

Colleges begin to award aid typically March-April, some Colleges begin to award aid typically March-April, some sooner dependent on their own institutional processes. sooner dependent on their own institutional processes. Understand when you can expect to hear from each Understand when you can expect to hear from each particular college – some will be later, some earlier – so particular college – some will be later, some earlier – so don’t lose patience with those that are later, but don’t lose patience with those that are later, but understand understand how this will impact your ability to compare.how this will impact your ability to compare.

National Reply Date is National Reply Date is May 1stMay 1st (Deposit deadline required to (Deposit deadline required to accept admission at the school of your choice). If not sure accept admission at the school of your choice). If not sure yet and are asked to make a decision earlier in order to yet and are asked to make a decision earlier in order to secure offered aid, find out if deposit can be refunded if secure offered aid, find out if deposit can be refunded if decide not to attend that school after all. decide not to attend that school after all.

Suggested TimelineSuggested Timeline

Significant decrease in income in the Significant decrease in income in the currentcurrent year year

High medical expenses not covered by insurance High medical expenses not covered by insurance which you have already paid for.which you have already paid for.

Change in parent marital status due to separation, Change in parent marital status due to separation, divorce, or death.divorce, or death.

Unusual dependent care expensesUnusual dependent care expenses

Student is not able to obtain parent information Student is not able to obtain parent information

Special Circumstances Special Circumstances (Report these to your (Report these to your Financial Aid OfficeFinancial Aid Office, NOT FAFSA!), NOT FAFSA!)

To be eligible for FSA funds, a student must To be eligible for FSA funds, a student must make satisfactory academic progress.make satisfactory academic progress.

The Department considers a satisfactory The Department considers a satisfactory academic progress policy to be reasonable if it academic progress policy to be reasonable if it meets both the meets both the qualitativequalitative and and quantitativequantitative criteria. criteria.

Satisfactory Academic ProgressSatisfactory Academic Progress(SAP)(SAP)

Helpful InfoHelpful InfoThe College Board: http://student.collegeboard.org

CSS Profile: http://student.collegeboard.org/css-financial-aid-profile

Federal PIN website: www.pin.ed.gov

FAFSA website: www.fafsa.ed.gov

NYS Higher Education Services: www.hesc.gov

Student Financial Assistance: www.studentaid.ed.gov

Student and Parent Loan information: www.studentloans.gov

Questions?Questions?

dchavez@binghamton.edudchavez@binghamton.edu